Hope you're all managing to keep warm and dry! Our autumn season arrived quite suddenly, it seems. Hopefully those mountains will start getting some snow so we can kick off the ski and snowboard season!
While October sales figures were still below the 10 year average for the month (by 28.5%), we saw an overall increase in the number of sales, compared to September. Additionally, fewer new homes were listed for sale, which also contributed to an overall reduction in the amount of inventory for buyers to select from. Because of these two factors, our month's supply of inventory has decreased. While still in a buyer's market, we're currently trending back towards a more balanced market.
Here's your snapshot:
Here's a look at how October 2012 sales stack up against October 2011 sales:
Detached: down 14.0%
Attached: up 8.9%
Apartments: down 19.6%
Detached: down 25.0%
Attached: down 43.2%
Apartments: down 28.6%
....and median sales prices for October 2012 vs October 2011:
Detached: down 1.7% @ $2,182,500
Attached: down 13.5% @ $843,000
Apartments: up 2.1% @ $484,900
Detached: down 1.2% @ $825,000
Attached: up 2.3% @ $622,000
Apartments: down 9.9% @ $310,000
“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”
Please don't hesitate to get in touch if you have questions about any of this information. Likewise, give me a shout if you'd like more information on your own home or neighbourhood, or are thinking about jumping into the market.